Punjab announces incentives for revival of real estate
The Financial Express, June 19, 2009, Page 10
Chandigarh: The Punjab government has come out with a stimulus package to give boost to affordable housing and real estate sector in the state. A spokesman said the stimulus package included waiver of change in land use charges for industrial land use in the state and moratorium on payment of external development charges till December 31. Also, promoters, who make prepayment of EDC installments would be entitled for discount of 5%. Penal interest on overdue charges has also been cut from 18% per annum, he said. Wherever zonal/sector plan have been notified, the minimum area for developing a colony would be 25 acres. In low-potential zone, the minimum area for residential colony would be reduced from 25 acres to 10 acres.
The Financial Express, June 19, 2009, Page 10
Chandigarh: The Punjab government has come out with a stimulus package to give boost to affordable housing and real estate sector in the state. A spokesman said the stimulus package included waiver of change in land use charges for industrial land use in the state and moratorium on payment of external development charges till December 31. Also, promoters, who make prepayment of EDC installments would be entitled for discount of 5%. Penal interest on overdue charges has also been cut from 18% per annum, he said. Wherever zonal/sector plan have been notified, the minimum area for developing a colony would be 25 acres. In low-potential zone, the minimum area for residential colony would be reduced from 25 acres to 10 acres.
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